| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $667M | — | $715M | — | -6.7% |
| Op. Income | $72M | — | $57M | — | 25.5% |
| Gross Margin | 56.2% | — | 29.6% | — | 26.6pp |
| Net Margin | -15.5% | — | -10.5% | — | -5.0pp |
| EPS (Diluted) | $-0.26 | — | $-0.19 | — | -36.8% |
| Free Cash Flow | $113M | — | $67M | — | 70.0% |
| Item | Amount |
|---|---|
| REVENUE | $667M |
| Cost of Revenue | $292M |
| GROSS PROFIT | $374M |
| R&D Expenses | $195M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $107M |
| Other Expenses | $0 |
| Operating Expenses | $303M |
| Cost & Expenses | $595M |
| OPERATING INCOME | $72M |
| Interest Income | $0 |
| Interest Expense | $95M |
| Other Income/Expenses | -$176M |
| INCOME BEFORE TAX | -$104M |
| Income Tax Expense | -$5M |
| Net Income from Continuing Ops | -$99M |
| Net Income from Discontinued Ops | -$4M |
| Other Adjustments | $0 |
| NET INCOME | -$103M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$103M |
| D&A | $28M |
| EBIT | $72M |
| EBITDA | $100M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$103M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $58M |
| Change in Working Capital | $182M |
| OPERATING CASH FLOW | $137M |
| Capital Expenditure | -$23M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $2.1B |
| NET CASH FROM INVESTING | $2.1B |
| Net Debt Issuance | $121M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | $119M |
| FREE CASH FLOW | $113M |
| Net Change in Cash | $227M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $792M |
| Short-Term Investments | $0 |
| Net Receivables | $312M |
| Inventory | $0 |
| Other Current Assets | $193M |
| TOTAL CURRENT ASSETS | $1.3B |
| PP&E (Net) | $255M |
| Goodwill | $2.4B |
| Intangible Assets | $126M |
| Long-Term Investments | $23M |
| Tax Assets | $4M |
| Other Non-Current Assets | $414M |
| TOTAL NON-CURRENT ASSETS | $3.2B |
| TOTAL ASSETS | $4.5B |
| Account Payables | $260M |
| Short-Term Debt | $246M |
| Deferred Revenue | $58M |
| Other Current Liabilities | $634M |
| TOTAL CURRENT LIABILITIES | $1.2B |
| Long-Term Debt | $4.1B |
| Deferred Revenue NC | $39M |
| Deferred Tax Liabilities | $37M |
| Other Non-Current Liabilities | $44M |
| TOTAL NON-CURRENT LIABILITIES | $4.3B |
| TOTAL LIABILITIES | $5.5B |
| Common Stock | $4M |
| Additional Paid-In Capital | $3.4B |
| Retained Earnings | -$3.8B |
| Treasury Stock | -$537M |
| Accum. Other Comp. Income | -$67M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$1.1B |
| Minority Interest | $27M |
| TOTAL EQUITY | -$1.0B |
| TOTAL LIABILITIES & EQUITY | $4.5B |
| Total Debt | $4.5B |
| Net Debt | $3.7B |
